Mortgage News Oct 2009
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MBA: Mortgage Applications Plummet
(RTTNews) - Mortgage applications plunged again, decreasing by more than 10 percent as interest rates on 30-year fixed rate mortgages remained above five percent for the third consecutive week. (Wed, 28 Oct 2009 13:40:56 GMT)
Lily the alligator comes home to Ballarat Wildlife Park
LILY the Mississippi alligator returned home to Ballarat Wildlife Park yesterday, after three months at Melbourne Zoo. The 18-year-old snapper, who weighs 75kg, had been on short-term loan to the zoo, where she was one of the attractions. (Wed, 28 Oct 2009 14:10:36 GMT)
U.S. MBA Mortgage Applications Index Fell 12 Percent Last Week
Oct. 28 (Bloomberg) -- Mortgage applications in the U.S. fell to a two-month low, hurt by declines in purchases that may reflect concern over the expiration of government tax credits. (Wed, 28 Oct 2009 15:15:52 GMT)
PHH’s new CEO optimistic about mortgage industry
Jerome J. Selitto, the new chief executive officer of Mount Laurel home lender PHH Corp. has a favorite quote on the mortgage market: "There's a borrower and an investor - and everything in between is friction." (Wed, 28 Oct 2009 15:30:00 GMT)
10 Queens residents busted in mortgage fraud
Just one week after federal investigators busted an alleged mortgage fraud scheme that affected several Queens properties, federal prosecutors indicted 41 individuals last Thursday, including 10 Queens residents, for reportedly raking in $64 million in a similar scandal. (Wed, 28 Oct 2009 16:14:07 GMT)
Mortgage activity fell in U.S. last week
WASHINGTON, Oct. 28 (UPI) -- The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 12.3 percent, an industry group said. (Wed, 28 Oct 2009 17:14:05 GMT)
Concern over mortgage master trusts
The structure of the UK market for mortgage-backed securities could be holding back its recovery, according to leading investors who are calling for radical changes. (Wed, 28 Oct 2009 19:01:05 GMT)
Ailing CIT gets $4.5 bln loan, rejects Icahn offer
US lender CIT Group said Wednesday it had received an additional 4.5 billion dollar loan as it tries to avoid bankruptcy, dismissing billionaire investor Carl Icahn's last-minute loan offer. (Wed, 28 Oct 2009 19:30:31 GMT)
Mortgage foreclosure clinic to be held in Clemson
CLEMSON — People who are behind in mortgage payments are invited to attend a free clinic at 6 p.m. Tuesday at Clemson Community Care, 105 Anderson Highway, Clemson. The clinic will assist homeowners in taking steps to resolve mortgage arrears and prevent foreclosure. The event is sponsored by the South Carolina Task Force on Foreclosure and the Upstate Homeless Coalition of South Carolina. A ... (Wed, 28 Oct 2009 21:00:26 GMT)
Mortgage Applications Decrease in Latest MBA Weekly Survey
RISMEDIA, October 29, 2009—The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending October 23, 2009. The Market Composite Index, a measure of mortgage loan application volume, decreased 12.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the ... (Wed, 28 Oct 2009 21:04:04 GMT)
British MPs face ban on second home mortgage claims
MPs will not be allowed to claim mortgage interest costs on second homes and are to be barred from employing family members (Wed, 28 Oct 2009 22:36:00 GMT)
Good Reasons Why You Need a Mortgage Broker When Buying Miami Condos
When buying a Miami condo, or any real estate property for that matter, it pays to have a professional middleman between you and the lender; a mortgage broker is that person. These professionals act as liaison between the buyer and the lender. (Wed, 28 Oct 2009 22:49:58 GMT)
Combined Federal Home Loan Bank of San Francisco and FHA Programs Expand Homeownership Opportunities for Lower-Income ...
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco’s matching grant first-time homebuyer programs can be used in conjunction with the FHA Streamlined Section 203 rehabilitation program to purchase and rehabilitate affordable homes. (Thu, 29 Oct 2009 00:50:00 GMT)
Home Refinancing May Never Look So Good Again: John F. Wasik
Oct. 29 (Bloomberg) -- If you need to refinance your home mortgages, don’t wait. It’s not time to play chicken. Lock in the best deal now. Mortgage rates have climbed over the last two weeks, according to mortgage buyer Freddie Mac of McLean, Virginia. (Thu, 29 Oct 2009 02:28:55 GMT)
Home Refinancing May Never Look So Good Again: John F. Wasik
Oct. 29 (Bloomberg) -- If you need to refinance your home mortgages, don’t wait. It’s not time to play chicken. Lock in the best deal now. Mortgage rates have climbed over the last two weeks, according to mortgage buyer Freddie Mac of McLean, Virginia. (Thu, 29 Oct 2009 08:24:44 GMT)
National home equity loan averages
Here are the average home equity rates from Bankrate's weekly survey of large banks and thrifts. (Thu, 29 Oct 2009 10:00:00 GMT)
Mortgage rates rise for 3rd week
Mortgage rates continue to inch up, but supply has begun to decrease as sales increase. (Thu, 29 Oct 2009 10:00:00 GMT)
UK mortgage approvals up 6 pct in September
Mortgage approvals in the U.K. rose 6 percent in September as the country's battered housing market improved, but cautious consumers paid off debt faster than they borrowed, the Bank of England said Thursday. (Thu, 29 Oct 2009 10:18:23 GMT)
Bankrate: Mortgage Rates Mixed In Latest Week
Bankrate: Mortgage Rates Mixed In Latest Week (Thu, 29 Oct 2009 12:12:22 GMT)
British Pound Gains a Fourth Day After Mortgage Approvals Rise
Oct. 29 (Bloomberg) -- The pound rose against the dollar for a fourth day after a report showed U.K. mortgage approvals increased more than forecast last month. (Thu, 29 Oct 2009 13:58:58 GMT)
Freddie Mac: 30-year Fixed Mortgage Rate Near Flat
Freddie Mac: 30-year Fixed Mortgage Rate Near Flat (Thu, 29 Oct 2009 14:27:33 GMT)
Mortgages: Mortgage rates creep up
Mortgage rates edge higher this week as mixed economic signals limited interest-rate moves, Freddie Mac said in its weekly rate survey. (Thu, 29 Oct 2009 14:32:00 GMT)
Couple Charged With Torturing Loan Agents
A California couple facing foreclosure on their home kidnapped, beat and tortured two loan modification agents they had hired to help them, prosecutors say. (Thu, 29 Oct 2009 14:41:01 GMT)
(AFX UK Focus) 2009-10-29 15:08 UPDATE 1-U.S. mortgage rates hold just above 5 pct -Freddie
NEW YORK, Oct 29 (Reuters) - U.S. mortgage rates held steady just above 5 percent in the latest week after mixed signals on the health of the housing market, Freddie Mac said on Thursday. Average 30-year home loan rates inched up 0.03 percentage point in the week ended Oct. 29 to 5.03 percent. This fixed borrowing cost has risen from a record low of 4.78 percent set in April, but remains almost ... (Thu, 29 Oct 2009 15:11:59 GMT)
30-year mortgage rates hold just above 5%
Mortgage rates held steady just above 5% in the latest week after mixed signals on the health of the housing market, Freddie Mac said Thursday. (Thu, 29 Oct 2009 15:15:25 GMT)
Mortgage rates rise for third consecutive week
Mortgage rates for 30-year fixed U.S. home loans rose for the third consecutive week, making borrowing more expensive and threatening to derail stabilization of the housing market. (Thu, 29 Oct 2009 15:18:45 GMT)
Orange County man convicted of defrauding mortgage brokers, homeowners
WHITE PLAINS – A Central Valley has been convicted in White Plains federal court of defrauding homeowners in Queens and the Bronx through a predatory mortgage scheme. (Thu, 29 Oct 2009 15:24:13 GMT)
What happens to the mortgage when a couple splits up?
Louis Spagnuolo of WCS Lending in Boca Raton has more answers to reader questions. Today's topics include: When a couple breaks up, can one of the parties be taken off the mortgage? (Thu, 29 Oct 2009 15:38:13 GMT)
Shares of mortgage, life insurers jump
Shares of mortgage and life insurers climb on optimism about the extension of the home-buyer tax credit and solid earnings by Lincoln National. (Thu, 29 Oct 2009 16:15:40 GMT)
30-year Fixed Mortgage Rate Near Flat
SAN FRANCISCO -- Freddie Mac said Thursday that the average 30-year fixed mortgage rate was nearly flat, rising only a few basis points from a week ago. The 30-year fixed-rate mortgage averaged 5.03%... (Thu, 29 Oct 2009 16:54:29 GMT)
Pound Climbs a Fourth Day on Mortgage Approvals, U.S. Economy
Oct. 29 (Bloomberg) -- The pound climbed against the dollar for a fourth day and gilts slid after reports showed U.K. mortgage approvals increased more than forecast last month and the U.S. returned to growth in the third quarter. (Thu, 29 Oct 2009 17:14:01 GMT)
Earnings dip at Fed. Home Loan Bank
The Federal Home Loan Bank of Cincinnati reported third quarter earnings dipped 7 percent to $61 million, compared with $66 million in the same period a year ago. (Thu, 29 Oct 2009 17:57:24 GMT)
Mortgage Insurers Jump on Volume Spike
Mortgage insurers, including Radian and MGIC Investment, jumped Thursday on above-average volume on word of an extension for the home-buyer tax credit. (Thu, 29 Oct 2009 18:20:20 GMT)
Federal Home Loan Bank of Indianapolis Announces 2009 Third Quarter Financial Results
INDIANAPOLIS -- On October 29, 2009, the Federal Home Loan Bank of Indianapolis released unaudited financial results for the quarter ended September 30, 2009. (Thu, 29 Oct 2009 20:06:17 GMT)
Federal Home Loan Bank of New York Announces Third Quarter Results
The Federal Home Loan Bank of New York today released unaudited financial results for the quarter ended September 30, 2009. (Thu, 29 Oct 2009 20:22:00 GMT)
Federal Home Loan Bank of Atlanta Announces Third Quarter 2009 Operating Highlights
Federal Home Loan Bank of Atlanta today released preliminary operating results for the quarter ended Sept. 30, 2009. These results have been prepared from unaudited financial statements. (Thu, 29 Oct 2009 20:30:00 GMT)
Federal Home Loan Bank of Dallas Reports Third Quarter Earnings
DALLAS -- The Federal Home Loan Bank of Dallas today reported net income of $17.6 million for the quarter ended September 30, 2009. For the nine months ended September 30, 2009, the Bank reported net income of $108.5 million. (Thu, 29 Oct 2009 21:11:29 GMT)
NewsWatch: Shares of mortgage, life insurers jump
Shares of mortgage and life insurers climb on optimism about the extension of the home-buyer tax credit and solid earnings by Lincoln National. (Thu, 29 Oct 2009 21:15:40 GMT)
Mortgage rates rise for third consecutive week
Mortgage rates for 30-year fixed U.S. home loans rose for the third consecutive week, making borrowing more expensive and threatening to derail stabilization of the housing market. (Thu, 29 Oct 2009 22:20:25 GMT)
Federal Home Loan Bank of San Francisco Announces Third Quarter Operating Results
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco today announced its operating results for the third quarter of 2009. These results have been prepared from unaudited financial information. (Thu, 29 Oct 2009 23:18:00 GMT)
Mortgage Foreclosure Solutions Provider, Home Rescue, LLC Saves Client More Than $32,000 With Loan Modification Programs
With thousands of homes entering foreclosure daily, clients are seeking to modify home loan mortgages, reduce debt and ease financial stress. One company, Home Rescue LLC is helping them do just that. (Fri, 30 Oct 2009 00:52:40 GMT)
Federal Home Loan Bank of Seattle Announces Third-Quarter 2009 Financial Results
SEATTLE----The Federal Home Loan Bank of Seattle today announced unaudited financial results for the third quarter of 2009. The Seattle Bank reported net losses of $93.8 million and $144.3 million for the three and nine months ended September 30, 2009, compared to a net loss of $18.8 million and net income of $41.8 million for the three and nine months ended September 30, 2008. (Fri, 30 Oct 2009 00:56:00 GMT)
Google Tackles Mortgage Market With New Comparison Ads
Google has just debuted a new form of advertising called AdWords Comparison Ads — a special kind of ad that will prompt users to view a list of sponsored products in a structured format. To get started, Google is running the ads for queries related to the mortgage market, though it has plans to eventually expand beyond that. The ads are in a limited rollout for now, with only some users in some ... (Fri, 30 Oct 2009 01:30:45 GMT)
Banks say consumers catching up on credit card, mortgage payments
Recent third-quarter results from banks that write a majority of the USA's loans show fewer consumers have been late on their credit card and mortgage payments. (Fri, 30 Oct 2009 02:54:52 GMT)
Federal Home Loan Bank of Pittsburgh loses $40.4 million
The Federal Home Loan Bank of Pittsburgh posted a net loss of $40.4 million for the third quarter, according to preliminary results. The wholesale bank recorded net income of $96.8 million a year earlier. (Fri, 30 Oct 2009 04:05:49 GMT)
Mortgage rates for fixed loans rise for third consecutive week
Mortgage rates for 30-year fixed U.S. home loans rose for a third consecutive week, making borrowing more expensive and threatening to erase signs of stabilization in the housing market. (Fri, 30 Oct 2009 06:24:07 GMT)
The National Mortgage Complaint Center is Warning All US Homeowners About Mortgages, Foreclosure Scams and the Future
Americas Watchdog's National Mortgage Complaint Center is warning all existing US homeowners about a seemingly endless amount of new mortgage scams, or schemes, designed to do little more than separate homeowners from their hard earned money. (Fri, 30 Oct 2009 07:01:00 GMT)
The National Mortgage Complaint Center is Warning All US Homeowners About Mortgages, Foreclosure Scams and the Future
Americas Watchdog's National Mortgage Complaint Center is warning all existing US homeowners about a seemingly endless amount of new mortgage scams, or schemes, designed to do little more than separate homeowners from their hard earned money. The group is saying, "while we do believe interest rates are going up, and homeowners with really good credit, and actual equity in their home should ... (Fri, 30 Oct 2009 07:14:12 GMT)
Mortgage counseling service gets boost
For a second year, extra money is coming to Vacaville to help with mortgage counseling.The California Reinvestment Coalition, along with financial institutions and two foundations, announce grant awards in the amount of $2.6 million to 40 nonprofit mortgage counseling agencies through the California Home Ownership Preservation Initiative. (Fri, 30 Oct 2009 08:16:34 GMT)
Orange County man convicted of defrauding mortgage brokers, homeowners
WHITE PLAINS – A Central Valley man has been convicted in White Plains federal court of defrauding homeowners in Queens and the Bronx through a predatory mortgage scheme. (Fri, 30 Oct 2009 10:56:34 GMT)
Figures show mortgage borrowing on increase
Homeowners' mortgage borrowing increased in September while the number of loans approved for house purchase also grew, new figures have revealed. Related Stories Queen’s aids in car industry research Flybe and Aviance renew handling contract Figures show US recession is ending 80 jobs under threat as Redrock hits trouble Coffee chains buck recession trend (Fri, 30 Oct 2009 12:08:11 GMT)
Google Comparison Ads For Mortgages & Refinancing
Google is launching a new ad type that they have been testing for a while, comparison ads within the mortgage and refinance industry. You can actually see it in action, with real data at google.com/comparisonads . Here are some screen captures: Danny has a much more involved write up at Search Engine Land . Note, Google has also began showing more real estate in Google Maps today. If you don't ... (Fri, 30 Oct 2009 13:01:15 GMT)
Mortgage rates' upward trend continues
The average interest on a 30-year fixed loan was 5.03% this week, up from a flat 5% a week earlier, according to Freddie Mac's latest survey. Mortgage rates continued to drift higher this week, according to the latest survey from Freddie Mac, which reported Thursday that the average rate on a 30-year fixed-rate loan was 5.03%. (Fri, 30 Oct 2009 13:05:41 GMT)
Federal Home Loan Bank of Atlanta Declares Third Quarter Dividend
The Board of Directors of Federal Home Loan Bank of Atlanta has approved an annualized dividend rate for the third quarter of 0.41 percent. (Fri, 30 Oct 2009 14:02:00 GMT)
Mortgage insurer Genworth sees housing improvement
Genworth Financial Inc. is starting to see improvement in the housing and investment markets, which helped the life and mortgage insurer return to profitability in the third quarter. (Fri, 30 Oct 2009 17:42:11 GMT)
Md. man sentenced to prison for mortgage fraud
An Oxon Hill man has been sentenced to more than three years in prison for a mortgage fraud tied to 25 properties in Maryland, D.C. and Virginia worth millions of dollars. (Fri, 30 Oct 2009 18:47:19 GMT)
Md. Man Sentenced to Prison for Mortgage Fraud
Md. man sentenced to more than 3 years in prison in multimillion-dollar mortgage fraud scheme (Fri, 30 Oct 2009 19:02:16 GMT)
Feds taking action against reverse mortgage lender
The U.S. Department of Housing and Urban Development is taking action against a reverse mortgage lender in Hawaii. (Fri, 30 Oct 2009 19:10:05 GMT)
Feds taking action against reverse mortgage lender
The U.S. Department of Housing and Urban Development is taking action against a reverse mortgage lender in Hawaii. HUD's Mortgagee Review Board wants to permanently withdraw the HUD/Federal Housing Administration approval of Financial Mortgage USA Inc. (Fri, 30 Oct 2009 19:10:05 GMT)
Md. man sentenced to prison for mortgage fraud
(10-30) 11:47 PDT BALTIMORE (AP) -- An Oxon Hill man has been sentenced to more than three years in prison for a mortgage fraud tied to 25 properties in Maryland, D.C. and Virginia worth millions of dollars. Thirty-five-year-old Terrence... Sponsored Topics: Maryland - Virginia - Associated Press - United States - BALTIMORE (Fri, 30 Oct 2009 19:15:09 GMT)
Feds Taking Action Against Reverse Mortgage Lender
Federal housing officials taking action against Hawaii-based reverse mortgage lender (Fri, 30 Oct 2009 19:31:42 GMT)
Feds taking action against reverse mortgage lender
(10-30) 12:10 PDT Honolulu (AP) -- The U.S. Department of Housing and Urban Development is taking action against a reverse mortgage lender in Hawaii. HUD's Mortgagee Review Board wants to permanently withdraw the HUD/Federal Housing... Sponsored Topics: Mortgage - United States Department of Housing and Urban Development - United States - Hawaii - Reverse mortgage (Fri, 30 Oct 2009 19:59:59 GMT)
Home loan segment looks up as HDFC, SBI approvals rise
The market for home loans is buzzing again. Both the leading players State Bank of India and Housing Development Finance Corporation have seen a significant improvement in their loan approvals during the first half of this financial year 2009-10. (Fri, 30 Oct 2009 20:43:24 GMT)
Federal Home Loan Bank of San Francisco Releases September 2009 Cost of Funds Index
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced October 30, 2009, that the 11th District Monthly Weighted Average Cost of Funds Index for September 2009 is 1.272%. (Fri, 30 Oct 2009 22:16:00 GMT)
Delinquencies Rise in Fannie Mae Mortgage Portfolio
Delinquencies in Fannie Mae's mortgage portfolio rose in August. (Fri, 30 Oct 2009 22:56:22 GMT)
Mortgage Foreclosure Solutions Provider, Home Rescue, LLC Saves Client More Than $32,000 With Loan Modification Programs
With thousands of homes entering foreclosure daily, clients are seeking to modify home loan mortgages, reduce debt and ease financial stress. One company, Home Rescue LLC is helping them do just that. (Fri, 30 Oct 2009 23:24:01 GMT)
Mortgage rates rise for third week
Rates for 30-year home loans climbed to 5.03 percent this week, the third consecutive weekly increase. (Sat, 31 Oct 2009 04:00:00 GMT)
Mortgage modifications are becoming more common
Banks and mortgage companies have foreclosed on 5,000 residential properties in the St. Louis region so far this year. But a growing number of homeowners are managing to save their houses by convincing lenders to cut their monthly payments. Borrowers just shouldn't expect an easy time. (Sat, 31 Oct 2009 05:27:07 GMT)
RBS suspends two in mortgage inquiry
Two RBS executives have been suspended after the bank which is backed by taxpayers' money uncovered evidence of alleged corruption in its overseas mortgage department. (Sat, 31 Oct 2009 08:24:19 GMT)
HUD acts to punish Financial Mortgage
The U.S. Department of Housing and Urban Development has taken action against Honolulu-based reverse mortgage lender Financial Mortgage USA Inc. for allegedly misleading elderly borrowers and committing other violations of federal lending requirements. (Sat, 31 Oct 2009 12:04:33 GMT)
HUD takes action against Honolulu reverse mortgage lender
The U.S. Department of Housing and Urban Development said yesterday it is seeking to permanently withdraw its approval of Financial Mortgage USA, Inc., a Honolulu-based reverse mortgage lender. (Sat, 31 Oct 2009 12:22:57 GMT)
Mortgage firm moves headquarters to Springs
Mortgage bank Alliance Financial Partners is relocating its U.S. headquarters to Colorado Springs, the firm announced Saturday. An office at 130 E. Kiowa St. opens Monday. Alliance, which specializes in residential and commercial lending, is an... (Sat, 31 Oct 2009 20:41:58 GMT)
Mortgage defaults set to surge
The number of mortgage defaults is set to surge, with the Reserve Bank all but certain to lift interest rates on Melbourne Cup Tuesday. (Sat, 31 Oct 2009 20:49:17 GMT)
Mortgage defaults to increase
The number of mortgage defaults is set to rise, with the Reserve Bank almost certain to lift interest rates. (Sat, 31 Oct 2009 20:56:56 GMT)
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